News

FIS Pace Index examines consumer banking expectations

Some survey results show the industry meeting or exceeding customer expectations, but the trust factor continues to be a concern for consumers, the study finds.

July 10, 2015

Financial institutions excel at leveraging digital technology to meet customer needs for convenience, choice and access, but consumers worldwide want to see them increase performance in basic banking areas to meet their expectations and win their trust.

These are some of the findings from a global research study released by FIS, a provider of banking and payments technology, consulting, and outsourcing solutions.

The FIS Consumer Banking PACE Index tracks how financial institutions are performing against customer expectations in nine different countries — India, Brazil, Canada, France, Germany, Netherlands, Thailand, the United Kingdom and the United States — using data compiled from more than 9,000 banking consumers. The study was commissioned by FIS and conducted by TNS, an independent research agency, an FIS press release said.

While some of the results show the industry meeting or exceeding customer expectations — for instance, Indian banks exceed expectations when it comes to convenience and connectivity — many of the responses were striking for the opportunities they present for financial institutions, especially as the trust factor continues to be a concern for consumers, the release said.

Worldwide, banked consumers said that while FIs excel at providing digital access and convenience, they fall below consumer expectations in areas such as fair and transparent pricing. Only one-quarter of respondents said their needs were being met for basic trust and relationship.

The results indicate financial institutions can forge deeper relationships via the digital experience by fully leveraging online, mobile and social platforms to integrate with consumers’ lives through insight-driven alerts, advisory services, planning tools and more, FIS said.

The global report and accompanying materials are available for download.